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June 19, 2018 - Industry News

Spireon Rolls Out New GoldStar GPS Feature

The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.

Tags: auto finance, buy-here, GPS Tracking, pay-here, Spireon, subprime

June 19, 2018 - Industry News

HyreCar Offers Turnkey Carshare Program to Dealers

HyreCar has opened its peer-to-peer vehicle rental platform to auto dealers and fleet operators seeking new opportunities to capitalize on the growing mobility market.

June 19, 2018 - Industry News

New NY AG Settles With Queens Dealer Group

Recently appointed New York Attorney General Barbara Underwood has settled charges of deceptive practices against a four-rooftop, Queens-based dealer group.

June 18, 2018 - Industry News

Dealer Solutions North America Opens Offices in U.S.

The Toronto-based mergers-and-acquisitions firm has advised on the closing of more than 160 dealerships in deals worth more than $3 billion. Its expansion into the U.S. market will be led by industry veteran Russell Hill.

Tags: Dealer Solutions North America, Farid Ahmad, Mergers and Acquisitions, Russell Hill

June 14, 2018 - Industry News

Fed Reserve Approves Second Rate Hike of 2018

FOMC Chairman Powell answers a reporter's question at the June 13, 2018 press conference.

For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.

Tags: auto finance, Federal Reserve, interest rates, Jerome Powell

June 14, 2018 - Industry News

Dealer M&A Fueled by Healthy Economy, New Investors

The latest Blue Sky Report from Kerrigan Advisors credits an expanding pool of dealership buyers and investors with helping to sustain values, and a growing number of groups hitting the market for driving activity and consolidation.

June 14, 2018 - Industry News

NextGear Adds Dealer Auditing Tool

NextGear Capital’s new self-reconciliation tool tackles a key dealer pain point in the auditing process.

June 13, 2018 - Industry News

Edmunds: Used-Vehicle Prices Hit Record High in Q1

Although shoppers continue to flock toward pricier trucks and SUVs, steadily rising gas prices are beginning to stimulate consumer demand and increase residual values for smaller vehicles.

Tags: Edmunds, Gas Prices, used-vehicle prices, used-vehicle values

June 13, 2018 - Industry News

ADESA Canada Names New Vice President of Dealer Sales

The firm named Steve Langdon, who joined the KAR family 15 years ago, to the role. The more than 20-year industry veteran will be responsible for implementing the ADESA Canada dealer sales strategy and promoting KAR’s integrated digital, mobile and physical auction services.

Tags: ADESA, ADESA Canada, Kar Auction Services, Steve Langdon

June 13, 2018 - Industry News

SpringboardAuto’s New Platform to Power Online Financing Experience for Banks

SpringStack is an end-to-end auto finance platform designed to power a direct-to-consumer online experience for banks and other finance sources. It supports multiple financing product options and offers real-time loan configuration, document upload, vehicle valuation and pricing, electronic signature and more.

Tags: auto finance, digital retailing, online F&I, Online Financing, special finance, SpringboardAuto, technology

June 13, 2018 - Industry News

Industry Summit 2018 to Feature Technology Shootout

Set for mid-October in Orlando, this year’s Industry Summit will include several new features and events, including the inaugural Technology Shootout.

June 13, 2018 - Industry News

Singlethread: Communication Builds Service Retention

Singlethread makes the case for equipping the entire service department team with advanced communication, inspection, and reporting tools to speed up the repair process and improve customer service.

June 12, 2018 - Industry News

Car and Driver Partners With Contact At Once!

Through a new partnership with Hearst Autos, Contact At Once! is outfitting Car and Driver’s vehicle listing platform with its web and mobile messaging solutions to enable direct consumer-to-dealer connections.

Tags: Car and Driver, digital marketing, Hearst Autos, VDPs, vehicle details page

June 12, 2018 - Industry News

Webinar: Gil Van Over to Tackle Compliance Issues on the Road to the Sale

Compliance expert Gil Van Over will deliver Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.” The webinar is scheduled for July 11 at 11 a.m. PT/2 p.m. ET.

Tags: auto finance, compliance, desking, edealership, F&I manager, F&I menu, F&I office, Gil Van Over, Payment Quotes

June 11, 2018 - Industry News

Confident Financial Offers Repair Financing

Confident Financial Solutions has added a new auto repair financing option in partnership with WebBank. Vehicle owners can borrow up to $7,500 after completing a four-step loan application process.

June 11, 2018 - Industry News

Zendesk: Humanize Your Dealership for Sales Success

Zendesk has released a free white paper illustrating a six-step process for auto dealers seeking the competitive advantage created by an ‘omnichannel’ customer service experience.

June 7, 2018 - Industry News

Volvo Car USA Introduces Next Generation Roadside Assistance

The new roadside assistance technology is designed to complement a growing ecosystem of connected car technologies introduced by Volvo, including valet service, fuel delivery, and in-car delivery.

Tags: connected car, roadside assistance, Volvo Car USA

June 7, 2018 - Industry News

LHM Dodge Ram Avondale Named a Top Company to Work for in Arizona

The Arizona Republic recognized the dealership for its employee incentive programs and no-cost, no-debt online college degree opportunities, as well as its holiday bonus program, employee appreciation and birthday celebrations, community involvement, and annual pinewood derby family competition.

Tags: Best Places to Work, employee retention, Larry H. Miller Dealerships

June 7, 2018 - Industry News

Mercedes-Benz, FCA to Offer Three-Tier Subscription Programs

Mercedes-Benz will offer three tiers in its subscription service, but hasn't announced which vehicles would fall into the tiers. Photo courtesy of Mercedes-Benz USA.  

Mercedes-Benz customers can choose between Signature, Reserve, and Premier, with the automaker’s three-tier subscription program costing subscribers between $1,095 and $2,995 per month. Jeep Wave will also offer subscribers three tiers from which to choose. Pricing has yet to be released.

Tags: Jeep, Jeep Wave, Mercedes-Benz, Mercedes-Benz Financial Services, Subscription Service

June 7, 2018 - Industry News

KAR Names New Leader for Autoniq

Joe Oliveri, a 20-year industry veteran, was named vice president of KAR's Autoniq business unit, which provides mobile and digital vehicle pricing and evaluation reports.

Tags: Autoniq, Kar Auction Services, used-vehicle values, vehicle pricing

June 5, 2018 - Industry News

KBB: SUV/Pickup Demand Drive Up May's Avg. Transaction Price

May's average transaction price for light vehicles rose by a healthy 3%, even as new-vehicle demand is expected to falter in 2018, according to the vehicle information site.

Tags: average transaction price, Chevrolet, Ford, General Motors, Kelley Blue Book, Lincoln, pickups, SUV

June 1, 2018 - Industry News

Fiat Chrysler to Establish Captive Finance Company

The automaker's chief executive told investors today that the company will establish its own captive finance company by 2022. One option being considered is the purchase of Chrysler Capital from Santander Consumer USA, which is five years into the 10-year preferred financing agreement it signed with FCA in 2013.

Tags: auto finance, captive finance, Chrysler Capital, FCA

June 1, 2018 - Industry News

Fiat Chrysler to Electrify 30 Models by 2022

Fiat Chrysler's five-year plan to 2022 includes a heavier emphasis on Jeep and Ram, as well as a broad-ranging electrification initiative. Photo courtesy of FCA.  

The company's executive leadership, including outgoing chief executive Sergio Marchionne, outlined the new investments during a June 1 investors meeting. Marchionne presented a five-year plan for the company, even though he has said he will retire in 2019.

Tags: Chrysler, Chrysler Capital, Dodge, FCA, Fiat, Jeep, Santander Consumer USA

May 31, 2018 - Industry News

Assurant Completes Acquisition of The Warranty Group

Following the announced closing of its acquisition of The Warranty Group, Assurant announced new leaders for its global automotive business.

Tags: Assurant, F&I manager, F&I products, general agents, online F&I, The Warranty Group, vehicle service contracts

May 31, 2018 - Industry News

Experian: Americans Borrow Record Amounts for Auto Purchases in Q1

The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new vehicle climbing to record highs of $31,455 and $523, respectively.

Tags: auto finance, average finance amount, average monthly payment, Experian Automotive, interest rates, prime, subprime

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